MARCHANDT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARCHANDT
Largest movements
- Receivables within one year -€21,537
down €21,537 (-51.2%), from €42,031 to €20,494
of which Trade receivables: -€19,645
- Cash +€12,561
up €12,561 (+227.1%), from €5,532 to €18,093
mainly Receivables within one year (+€21,537) and Current investments (+€10,920)
- Current investments -€10,920
down €10,920 (-7.9%), from €139,057 to €128,136
- Stocks and contracts -€2,801
down €2,801 (-11.3%), from €24,814 to €22,013
- Short-term financial debts -€29,198
no longer reported in 2025 (was €29,198)
- Trade debts +€5,677
up €5,677 (+701.8%), from €809 to €6,486
- Financial charges +€5,779
up €5,779 (+273.7%), from €2,111 to €7,890
- Gross operating margin +€1,828
up €1,828 (+67.0%), from €2,729 to €4,556
- Financial income +€846
up €846 (+21.2%), from €3,986 to €4,832
- Taxes -€783
down €783 (-68.4%), from €1,145 to €362
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €211,977 | €189,396 | -€22,580 | -10.7% |
| Current assets | 29/58 | €211,977 | €189,396 | -€22,580 | -10.7% |
| Stocks and contracts in progress | 3 | €24,814 | €22,013 | -€2,801 | -11.3% |
| Stocks | 30/36 | €24,814 | €22,013 | -€2,801 | -11.3% |
| Amounts receivable within one year | 40/41 | €42,031 | €20,494 | -€21,537 | -51.2% |
| Trade receivables | 40 | €35,535 | €15,890 | -€19,645 | -55.3% |
| Other amounts receivable | 41 | €6,497 | €4,604 | -€1,893 | -29.1% |
| Current investments | 50/53 | €139,057 | €128,136 | -€10,920 | -7.9% |
| Cash at bank and in hand | 54/58 | €5,532 | €18,093 | +€12,561 | +227.1% |
| Deferred charges and accrued income | 490/1 | €543 | €660 | +€117 | +21.5% |
| Total equity and liabilities | 10/49 | €211,977 | €189,396 | -€22,580 | -10.7% |
| Equity | 10/15 | €124,619 | €125,731 | +€1,111 | +0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,419 | €57,531 | +€1,111 | +2.0% |
| Amounts payable | 17/49 | €87,358 | €63,666 | -€23,692 | -27.1% |
| Amounts payable within one year | 42/48 | €87,358 | €63,666 | -€23,692 | -27.1% |
| Financial debts | 43 | €29,198 | - | -€29,198 | |
| Credit institutions | 430/8 | €29,198 | - | -€29,198 | |
| Trade debts | 44 | €809 | €6,486 | +€5,677 | +701.8% |
| Suppliers | 440/4 | €809 | €6,486 | +€5,677 | +701.8% |
| Taxes, remuneration and social security | 45 | €361 | - | -€361 | |
| Taxes | 450/3 | €361 | - | -€361 | |
| Other amounts payable | 47/48 | €56,990 | €57,180 | +€190 | +0.3% |
| Other operating charges | 640/8 | €23 | €26 | +€2 | +10.6% |
| Gross operating margin | 9900 | €2,729 | €4,556 | +€1,828 | +67.0% |
| Operating profit (loss) | 9901 | €2,706 | €4,531 | +€1,825 | +67.5% |
| Financial income | 75/76B | €3,986 | €4,832 | +€846 | +21.2% |
| Recurring financial income | 75 | €3,986 | €4,832 | +€846 | +21.2% |
| Financial charges | 65/66B | €2,111 | €7,890 | +€5,779 | +273.7% |
| Recurring financial charges | 65 | €2,111 | €7,890 | +€5,779 | +273.7% |
| Profit (loss) for the period before taxes | 9903 | €4,581 | €1,473 | -€3,108 | -67.8% |
| Income taxes | 67/77 | €1,145 | €362 | -€783 | -68.4% |
| Profit (loss) for the period | 9904 | €3,436 | €1,111 | -€2,324 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,436 | €1,111 | -€2,324 | -67.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.